document_title: Viscoelasticity

question_text: during which type of stretching does viscoelastic creep occur

text: Viscoelasticity

text: Background[edit]

text: In the nineteenth century, physicists such as Maxwell, Boltzmann, and Kelvin researched and experimented with creep and recovery of glasses, metals, and rubbers. Viscoelasticity was further examined in the late twentieth century when synthetic polymers were engineered and used in a variety of applications.[2] Viscoelasticity calculations depend heavily on the viscosity variable, η. The inverse of η is also known as fluidity, φ.  The value of either can be derived as a function of temperature or as a given value (i.e. for a dashpot).[1]

text: Depending on the change of strain rate versus stress inside a material the viscosity can be categorized as having a linear, non-linear, or plastic response.  When a material exhibits a linear response it is categorized as a Newtonian material. In this case the stress is linearly proportional to the strain rate.  If the material exhibits a non-linear response to the strain rate, it is categorized as Non-Newtonian fluid. There is also an interesting case where the viscosity decreases as the shear/strain rate remains constant. A material which exhibits this type of behavior is known as thixotropic. In addition, when the stress is independent of this strain rate, the material exhibits plastic deformation.[1] Many viscoelastic materials exhibit rubber like behavior explained by the thermodynamic theory of polymer elasticity.

text: Some examples of viscoelastic materials include amorphous polymers, semicrystalline polymers, biopolymers, metals at very high temperatures, and bitumen materials. Cracking occurs when the strain is applied quickly and outside of the elastic limit. Ligaments and tendons are viscoelastic, so the extent of the potential damage to them depends both on the rate of the change of their length as well as on the force applied.[citation needed]

text: A viscoelastic material has the following properties:

text:
hysteresis is seen in the stress–strain curve
stress relaxation occurs: step constant strain causes decreasing stress
creep occurs: step constant stress causes increasing strain

text: Elastic versus viscoelastic behavior[edit]

text: Unlike purely elastic substances, a viscoelastic substance has an elastic component and a viscous component.  The viscosity of a viscoelastic substance gives the substance a strain rate dependence on time. Purely elastic materials do not dissipate energy (heat) when a load is applied, then removed. However, a viscoelastic substance loses energy when a load is applied, then removed. Hysteresis is observed in the stress–strain curve, with the area of the loop being equal to the energy lost during the loading cycle. Since viscosity is the resistance to thermally activated plastic deformation, a viscous material will lose energy through a loading cycle.  Plastic deformation results in lost energy, which is uncharacteristic of a purely elastic material's reaction to a loading cycle.[1]

text: Specifically, viscoelasticity is a molecular rearrangement. When a stress is applied to a viscoelastic material such as a polymer, parts of the long polymer chain change positions.  This movement or rearrangement is called creep. Polymers remain a solid material even when these parts of their chains are rearranging in order to accompany the stress, and as this occurs, it creates a back stress in the material.  When the back stress is the same magnitude as the applied stress, the material no longer creeps.  When the original stress is taken away, the accumulated back stresses will cause the polymer to return to its original form.  The material creeps, which gives the prefix visco-, and the material fully recovers, which gives the suffix -elasticity.[2]

text: Types[edit]

text: Linear viscoelasticity is when the function is separable in both creep response and load. All linear viscoelastic models can be represented by a Volterra equation connecting stress and strain:

text: or

text: where

text:
t is time

σ
(
t
)

{\displaystyle \sigma (t)}

 is stress

ε
(
t
)

{\displaystyle \varepsilon (t)}

 is strain

E

inst,creep

{\displaystyle E_{\text{inst,creep}}}

 and

E

inst,relax

{\displaystyle E_{\text{inst,relax}}}

 are instantaneous elastic moduli for creep and relaxation
K(t) is the creep function
F(t) is the relaxation function

text: Linear viscoelasticity is usually applicable only for small deformations.

text: Nonlinear viscoelasticity is when the function is not separable. It usually happens when the deformations are large or if the material changes its properties under deformations.

text: An anelastic material is a special case of a viscoelastic material: an anelastic material will fully recover to its original state on the removal of load.

text: Dynamic modulus[edit]

text: Viscoelasticity is studied using dynamic mechanical analysis, applying a small oscillatory stress and measuring the resulting strain.

text:
Purely elastic materials have stress and strain in phase, so that the response of one caused by the other is immediate.
In purely viscous materials, strain lags stress by a 90 degree phase lag.
Viscoelastic materials exhibit behavior somewhere in the middle of these two types of material, exhibiting some lag in strain.

text: Complex Dynamic modulus G can be used to represent the relations between the oscillating stress and strain:

text:
where

i

2

=
−
1

{\displaystyle i^{2}=-1}

;

G
′

{\displaystyle G'}

 is the storage modulus and

G
″

{\displaystyle G''}

 is the loss modulus:

text:
where

σ

0

{\displaystyle \sigma _{0}}

 and

ε

0

{\displaystyle \varepsilon _{0}}

 are the amplitudes of stress and strain respectively, and

δ

{\displaystyle \delta }

 is the phase shift between them.

text: Constitutive models of linear viscoelasticity[edit]

text: Viscoelastic materials, such as amorphous polymers, semicrystalline polymers, biopolymers and even the living tissue and cells,[3] can be modeled in order to determine their stress and strain or force and displacement interactions as well as their temporal dependencies.  These models, which include the Maxwell model, the Kelvin–Voigt model, the Standard Linear Solid model, and the Burgers model, are used to predict a material's response under different loading conditions.  Viscoelastic behavior has elastic and viscous components modeled as linear combinations of springs and dashpots, respectively.  Each model differs in the arrangement of these elements, and all of these viscoelastic models can be equivalently modeled as electrical circuits. In an equivalent electrical circuit, stress is represented by voltage, and strain rate by current. The elastic modulus of a spring is analogous to a circuit's capacitance (it stores energy) and the viscosity of a dashpot to a circuit's resistance (it dissipates energy).

text: The elastic components, as previously mentioned, can be modeled as springs of elastic constant E, given the formula:

text: where σ is the stress, E is the elastic modulus of the material, and ε is the strain that occurs under the given stress, similar to Hooke's Law.

text: The viscous components can be modeled as dashpots such that the stress–strain rate relationship can be given as,

text: where σ is the stress, η is the viscosity of the material, and dε/dt is the time derivative of strain.

text: The relationship between stress and strain can be simplified for specific stress rates. For high stress states/short time periods, the time derivative components of the stress–strain relationship dominate. A dashpot resists changes in length, and in a high stress state it can be approximated as a rigid rod. Since a rigid rod cannot be stretched past its original length,  no strain is added to the system.[4]

text: Conversely, for low stress states/longer time periods, the time derivative components are negligible and the dashpot can be effectively removed from the system - an "open" circuit. As a result, only the spring connected in parallel to the dashpot will contribute to the total strain in the system.[4]

text: Maxwell model[edit]

text: The Maxwell model can be represented by a purely viscous damper and a purely elastic spring connected in series, as shown in the diagram. The model can be represented by the following equation:

text: Under this model, if the material is put under a constant strain, the stresses gradually relax. When a material is put under a constant stress, the strain has two components. First, an elastic component occurs instantaneously, corresponding to the spring, and relaxes immediately upon release of the stress. The second is a viscous component that grows with time as long as the stress is applied. The Maxwell model predicts that stress decays exponentially with time, which is accurate for most polymers. One limitation of this model is that it does not predict creep accurately.  The Maxwell model for creep or constant-stress conditions postulates that strain will increase linearly with time.  However, polymers for the most part show the strain rate to be decreasing with time.[2]

text: Applications to soft solids: thermoplastic polymers in the vicinity of their melting temperature, fresh concrete (neglecting its aging), numerous metals at a temperature close to their melting point.

text: Kelvin–Voigt model[edit]

text: The Kelvin–Voigt model, also known as the Voigt model, consists of a Newtonian damper and Hookean elastic spring connected in parallel, as shown in the picture.  It is used to explain the creep behaviour of polymers.

text: The constitutive relation is expressed as a linear first-order differential equation:

text: This model represents a solid undergoing reversible, viscoelastic strain. Upon application of a constant stress, the material deforms at a decreasing rate, asymptotically approaching the steady-state strain. When the stress is released, the material gradually relaxes to its undeformed state.  At constant stress (creep), the Model is quite realistic as it predicts strain to tend to σ/E as time continues to infinity.  Similar to the Maxwell model, the Kelvin–Voigt model also has limitations.  The model is extremely good with modelling creep in materials, but with regards to relaxation the model is much less accurate.[5]

text: Applications: organic polymers, rubber, wood when the load is not too high.

text: Standard linear solid model[edit]

text: The standard linear solid model, also known as the Zener model, consists of two springs and a dashpot. It is the simplest model that describes both the creep and stress relaxation behaviors of a viscoelastic material properly. For this model, the governing constitutive relations are:

text:
Maxwell representation

Kelvin representation

σ
+

η

E

2

σ
˙

=

E

1

ε
+

η
(

E

1

+

E

2

)

E

2

ε
˙

{\displaystyle \sigma +{\frac {\eta }{E_{2}}}{\dot {\sigma }}=E_{1}\varepsilon +{\frac {\eta (E_{1}+E_{2})}{E_{2}}}{\dot {\varepsilon }}}

σ
+

η

E

1

+

E

2

σ
˙

=

E

1

E

2

E

1

+

E

2

ε
+

E

1

η

E

1

+

E

2

ε
˙

{\displaystyle \sigma +{\frac {\eta }{E_{1}+E_{2}}}{\dot {\sigma }}={\frac {E_{1}E_{2}}{E_{1}+E_{2}}}\varepsilon +{\frac {E_{1}\eta }{E_{1}+E_{2}}}{\dot {\varepsilon }}}

text: Under a constant stress, the modeled material will instantaneously deform to some strain, which is the instantaneous elastic portion of the strain. After that it will continue to deform and asymptotically approach a steady-state strain, which is the retarded elastic portion of the strain. Although the Standard Linear Solid Model is more accurate than the Maxwell and Kelvin–Voigt models in predicting material responses, mathematically it returns inaccurate results for strain under specific loading conditions.

text: Burgers model[edit]

text: The Burgers model combines the Maxwell and Kelvin–Voigt models in series. The constitutive relation is expressed as follows:

text: This model incorporates viscous flow into the standard linear solid model, giving a linearly increasing asymptote for strain under fixed loading conditions.

text: Generalized Maxwell model[edit]

text:
The Generalized Maxwell model, also known as the Wiechert model, is the most general form of the linear model for viscoelasticity. It takes into account that the relaxation does not occur at a single time, but at a distribution of times.  Due to molecular segments of different lengths with shorter ones contributing less than longer ones, there is a varying time distribution.  The Wiechert model shows this by having as many spring–dashpot Maxwell elements as are necessary to accurately represent the distribution.  The figure on the right shows the generalised Wiechert model.[6]
Applications: metals and alloys at temperatures lower than one quarter of their absolute melting temperature (expressed in K).

text: Prony series[edit]

text:
In a one-dimensional relaxation test, the material is subjected to a sudden strain that is kept constant over the duration of
the test, and the stress is measured over time. The initial stress is due to the elastic response of the material. Then, the
stress relaxes over time due to the viscous effects in the material. Typically, either a tensile, compressive, bulk
compression, or shear strain is applied. The resulting stress vs. time data can be fitted with a number of equations, called
models. Only the notation changes depending of the type of strain applied: tensile-compressive relaxation is denoted

E

{\displaystyle E}

, shear
is denoted

G

{\displaystyle G}

, bulk is denoted

K

{\displaystyle K}

. The Prony series for the shear relaxation is

text:
where

G

∞

{\displaystyle G_{\infty }}

 is the long term modulus once the material is totally relaxed,

τ

i

{\displaystyle \tau _{i}}

 are the relaxation times (not to be confused with

τ

i

{\displaystyle \tau _{i}}

 in the diagram); the higher
their values, the longer it takes for the stress to relax. The data is fitted with the equation by using a minimization
algorithm that adjust the parameters (

G

∞

,

G

i

,

τ

i

{\displaystyle G_{\infty },G_{i},\tau _{i}}

) to minimize the error between the predicted and data values.[7]

text: An alternative form is obtained noting that the elastic modulus is related to the long term modulus by

text: Therefore,

text:
This form is convenient when the elastic shear modulus

G

0

{\displaystyle G_{0}}

 is obtained from data independent from the relaxation data, and/or for computer implementation, when it is desired to specify the elastic properties separately from the viscous properties, as in.[8]

text:
A creep experiment is usually easier to perform than a relaxation one, so most data is available as (creep) compliance vs. time.[9]  Unfortunately, there is no known closed form for the (creep) compliance in terms of the coefficient of the Prony
series. So, if one has creep data, it is not easy to get the coefficients of the (relaxation) Prony series, which are needed
for example in.[8] An expedient way to obtain these coefficients is the following. First, fit the
creep data with a model that has closed form solutions in both compliance and relaxation; for example the Maxwell-Kelvin model
(eq. 7.18-7.19) in[10] or the Standard Solid Model (eq. 7.20-7.21) in[10] (section 7.1.3). Once
the parameters of the creep model are known, produce relaxation pseudo-data with the conjugate relaxation model for the same
times of the original data. Finally, fit the pseudo data with the Prony series.

text: Effect of temperature on viscoelastic behavior[edit]

text: The secondary bonds of a polymer constantly break and reform due to thermal motion.  Application of a stress favors some conformations over others, so the molecules of the polymer will gradually "flow" into the favored conformations over time.[11]  Because thermal motion is one factor contributing to the deformation of polymers, viscoelastic properties change with increasing or decreasing temperature.  In most cases, the creep modulus, defined as the ratio of applied stress to the time-dependent strain, decreases with increasing temperature.  Generally speaking, an increase in temperature correlates to a logarithmic decrease in the time required to impart equal strain under a constant stress. In other words, it takes less work to stretch a viscoelastic material an equal distance at a higher temperature than it does at a lower temperature.

text: Extreme cold temperatures can cause viscoelastic materials to change to the glass phase and become brittle. For example, exposure of pressure sensitive adhesives to extreme cold (dry ice, freeze spray, etc.) causes them to lose their tack, resulting in debonding.

text: Viscoelastic creep[edit]

text: When subjected to a step constant stress, viscoelastic materials experience a time-dependent increase in strain.  This phenomenon is known as viscoelastic creep.

text:
At a time

t

0

{\displaystyle t_{0}}

, a viscoelastic material is loaded with a constant stress that is maintained for a sufficiently long time period.  The material responds to the stress with a strain that increases until the material ultimately fails, if it is a viscoelastic liquid. If, on the other hand, it is a viscoelastic solid, it may or may not fail depending on the applied stress versus the material's ultimate resistance.  When the stress is maintained for a shorter time period, the material undergoes an initial strain until a time

t

1

{\displaystyle t_{1}}

, after which the strain immediately decreases (discontinuity) then gradually decreases at times

t
>

t

1

{\displaystyle t>t_{1}}

 to a residual strain.

text: Viscoelastic creep data can be presented by plotting the creep modulus (constant applied stress divided by total strain at a particular time) as a function of time.[12]  Below its critical stress, the viscoelastic creep modulus is independent of stress applied.  A family of curves describing strain versus time response to various applied stress may be represented by a single viscoelastic creep modulus versus time curve if the applied stresses are below the material's critical stress value.

text: Viscoelastic creep is important when considering long-term structural design.  Given loading and temperature conditions, designers can choose materials that best suit component lifetimes.

text: Measurement[edit]

text: Though there are many instruments that test the mechanical and viscoelastic response of materials, broadband viscoelastic spectroscopy (BVS) and resonant ultrasound spectroscopy (RUS) are more commonly used to test viscoelastic behavior because they can be used above and below ambient temperatures and are more specific to testing viscoelasticity. These two instruments employ a damping mechanism at various frequencies and time ranges with no appeal to time–temperature superposition. Using BVS and RUS to study the mechanical properties of materials is important to understanding how a material exhibiting viscoelasticity will perform.[13]


document_title: Monetary policy of the United States

question_text: who decides to print money in the us

question_tokens: who decides to print money in the us

root

text: Monetary policy of the United States

text: Money supply[edit]

text: The money supply has different components, generally broken down into "narrow" and "broad" money, reflecting the different degrees of liquidity ('spendability') of each different type, as broader forms of money can be converted into narrow forms of money (or may be readily accepted as money by others, such as personal checks).[1]

tag: p

text: For example, demand deposits are technically promises to pay on demand, while savings deposits are promises to pay subject to some withdrawal restrictions, and Certificates of Deposit are promises to pay only at certain specified dates; each can be converted into money, but "narrow" forms of money can be converted more readily. The Federal Reserve directly controls only the most narrow form of money, physical cash outstanding along with the reserves of banks throughout the country (known as M0 or the monetary base); the Federal Reserve indirectly influences the supply of other types of money.[1]

text: Broad money includes money held in deposit balances in banks and other forms created in the financial system. Basic economics also teaches that the money supply shrinks when loans are repaid;[2][3] however, the money supply will not necessarily decrease depending on the creation of new loans and other effects. Other than loans, investment activities of commercial banks and the Federal Reserve also increase and decrease the money supply.[4] Discussion of "money" often confuses the different measures and may lead to misguided commentary on monetary policy and misunderstandings of policy discussions.[5]

text: Structure of modern US institutions[edit]

text: Federal Reserve[edit]

text: Monetary policy in the US is determined and implemented by the US Federal Reserve System, commonly referred to as the Federal Reserve. Established in 1913 by the Federal Reserve Act to provide central banking functions,[6] the Federal Reserve System is a quasi-public institution. Ostensibly, the Federal Reserve Banks are 12 private banking corporations;[7][8][9] they are independent in their day-to-day operations, but legislatively accountable to Congress through the auspices of Federal Reserve Board of Governors.

text: The Board of Governors is an independent governmental agency consisting of seven officials and their support staff of over 1800 employees headquartered in Washington, D.C.[10] It is independent in the sense that the Board currently operates without official obligation to accept the requests or advice of any elected official with regard to actions on the money supply,[11] and its methods of funding also preserve independence. The Governors are nominated by the President of the United States, and nominations must be confirmed by the U.S. Senate.[12]

text: The presidents of the Federal Reserve Banks are nominated by each bank's respective Board of Directors, but must also be approved by the Board of Governors of the Federal Reserve. The Chairman of the Federal Reserve Board is generally considered to have the most important position, followed by the president of the Federal Reserve Bank of New York.[12] The Federal Reserve System is primarily funded by interest collected on their portfolio of securities from the US Treasury, and the Fed has broad discretion in drafting its own budget,[13] but, historically, nearly all the interest the Federal Reserve collects is rebated to the government each year.[14]

text: The Federal Reserve has three main mechanisms for manipulating the money supply. It can buy or sell treasury securities. Selling securities has the effect of reducing the monetary base (because it accepts money in return for purchase of securities), taking that money out of circulation. Purchasing treasury securities increases the monetary base (because it pays out hard currency in exchange for accepting securities). Secondly, the discount rate can be changed. And finally, the Federal Reserve can adjust the reserve requirement, which can affect the money multiplier; the reserve requirement is adjusted only infrequently, and was last adjusted in 1992.[15]

text: In practice, the Federal Reserve uses open market operations to influence short-term interest rates, which is the primary tool of monetary policy. The federal funds rate, for which the Federal Open Market Committee announces a target on a regular basis, reflects one of the key rates for interbank lending. Open market operations change the supply of reserve balances, and the federal funds rate is sensitive to these operations.[16]

text: In theory, the Federal Reserve has unlimited capacity to influence this rate, and although the federal funds rate is set by banks borrowing and lending funds to each other, the federal funds rate generally stays within a limited range above and below the target (as participants are aware of the Fed's power to influence this rate).

text: Assuming a closed economy, where foreign capital or trade does not affect the money supply, when money supply increases, interest rates go down. Businesses and consumers have a lower cost of capital and can increase spending and capital improvement projects. This encourages short-term growth. Conversely, when the money supply falls, interest rates go up, increasing the cost of capital and leading to more conservative spending and investment. The Federal reserve increases interest rates to combat Inflation.

text: U.S. Treasury[edit]

text: This section needs expansion with: discuss Comptroller of Currency, maybe. You can help by adding to it. (February 2008)

tag: table

text: Private commercial banks[edit]

text: When money is deposited in a bank, it can then be lent out to another person. If the initial deposit was $100 and the bank lends out $100 to another customer the money supply has increased by $100. However, because the depositor can ask for the money back, banks have to maintain minimum reserves to service customer needs. If the reserve requirement is 10% then, in the earlier example, the bank can lend $90 and thus the money supply increases by only $90. The reserve requirement therefore acts as a limit on this multiplier effect. Because the reserve requirement only applies to the more narrow forms of money creation (corresponding to M1), but does not apply to certain types of deposits (such as time deposits), reserve requirements play a limited role in monetary policy.[17]

text: Money creation[edit]

text: Currently, the US government maintains over US$800 billion in cash money (primarily Federal Reserve Notes) in circulation throughout the world,[18][19] up from a sum of less than $30 billion in 1959. Below is an outline of the process which is currently used to control the amount of money in the economy. The amount of money in circulation generally increases to accommodate money demanded by the growth of the country's production. The process of money creation usually goes as follows:

text:
Banks go through their daily transactions. Of the total money deposited at banks, significant and predictable proportions often remain deposited, and may be referred to as "core deposits." Banks use the bulk of "non-moving" money (their stable or "core" deposit base) by loaning it out.[20] Banks have a legal obligation to keep a certain fraction of bank deposit money on-hand at all times.[21]
In order to raise additional money to cover excess spending, Congress increases the size of the National Debt by issuing securities typically in the form of a Treasury Bond[22] (see United States Treasury security). It offers the Treasury security for sale, and someone pays cash to the government in exchange. Banks are often the purchasers of these securities, and these securities currently play a crucial role in the process.
The 12-person Federal Open Market Committee, which consists of the heads of the Federal Reserve System (the seven Federal governors and five bank presidents), meets eight times a year to determine how they would like to influence the economy.[23] They create a plan called the country's "monetary policy" which sets targets for things such as interest rates.[24]
Every business day, the Federal Reserve System engages in Open market operations.[25] If the Federal Reserve wants to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. If the Federal Reserve wants to decrease the money supply, it will sell securities to the banks in exchange for dollars, taking those dollars out of circulation.[26][27] When the Federal Reserve makes a purchase, it credits the seller's reserve account (with the Federal Reserve). The money that it deposits into the seller's account is not transferred from any existing funds, therefore it is at this point that the Federal Reserve has created High-powered money.
By means of open market operations, the Federal Reserve affects the free reserves of commercial banks in the country.[28] Anna Schwartz explains that "if the Federal Reserve increases reserves, a single bank can make loans up to the amount of its excess reserves, creating an equal amount of deposits".[26][27][29]
Since banks have more free reserves, they may loan out the money, because holding the money would amount to accepting the cost of foregone interest[28][30] When a loan is granted, a person is generally granted the money by adding to the balance on their bank account.[31]
This is how the Federal Reserve's high-powered money is multiplied into a larger amount of broad money, through bank loans; as written in a particular case study, "as banks increase or decrease loans, the nation's (broad) money supply increases or decreases."[3] Once granted these additional funds, the recipient has the option to withdraw physical currency (dollar bills and coins) from the bank, which will reduce the amount of money available for further on-lending (and money creation) in the banking system.[32]
In many cases, account-holders will request cash withdrawals, so banks must keep a supply of cash handy. When they believe they need more cash than they have on hand, banks can make requests for cash with the Federal Reserve. In turn, the Federal Reserve examines these requests and places an order for printed money with the US Treasury Department.[33] The Treasury Department sends these requests to the Bureau of Engraving and Printing (to make dollar bills) and the Bureau of the Mint (to stamp the coins).
The U.S. Treasury sells this newly printed money to the Federal Reserve for the cost of printing.[citation needed] This is about 6 cents per bill for any denomination.[34] Aside from printing costs, the Federal Reserve must pledge collateral (typically government securities such as Treasury bonds) to put new money, which does not replace old notes, into circulation.[35] This printed cash can then be distributed to banks, as needed.

tag: ol

text: Though the Federal Reserve authorizes and distributes the currency printed by the Treasury (the primary component of the narrow monetary base), the broad money supply is primarily created by commercial banks through the money multiplier mechanism.[29][31][36][37] One textbook summarizes the process as follows:

text: "The Fed" controls the money supply in the United States by controlling the amount of loans made by commercial banks. New loans are usually in the form of increased checking account balances, and since checkable deposits are part of the money supply, the money supply increases when new loans are made ...[38]

text: This type of money is convertible into cash when depositors request cash withdrawals, which will require banks to limit or reduce their lending.[39][32] The vast majority of the broad money supply throughout the world represents current outstanding loans of banks to various debtors.[38][40][41] A very small amount of U.S. currency still exists as "United States Notes", which have no meaningful economic difference from Federal Reserve notes in their usage, although they departed significantly in their method of issuance into circulation. The currency distributed by the Federal Reserve has been given the official designation of "Federal Reserve Notes."[42]

text: Significant effects[edit]

text: In 2005, the Federal Reserve held approximately 9% of the national debt[43] as assets against the liability of printed money. In previous periods, the Federal Reserve has used other debt instruments, such as debt securities issued by private corporations. During periods when the national debt of the United States has declined significantly (such as happened in fiscal years 1999 and 2000), monetary policy and financial markets experts have studied the practical implications of having "too little" government debt: both the Federal Reserve and financial markets use the price information, yield curve and the so-called risk free rate extensively.[44]

text: Experts are hopeful that other assets could take the place of National Debt as the base asset to back Federal Reserve notes, and Alan Greenspan, long the head of the Federal Reserve, has been quoted as saying, "I am confident that U.S. financial markets, which are the most innovative and efficient in the world, can readily adapt to a paydown of Treasury debt by creating private alternatives with many of the attributes that market participants value in Treasury securities."[45] In principle, the government could still issue debt securities in significant quantities while having no net debt, and significant quantities of government debt securities are also held by other government agencies.

text: Although the U.S. government receives income overall from seigniorage, there are costs associated with maintaining the money supply.[41][46] Leading ecological economist and steady-state theorist Herman Daly, claims that "over 95% of our [broad] money supply [in the United States] is created by the private banking system (demand deposits) and bears interest as a condition of its existence,"[41] a conclusion drawn from the Federal Reserve's ultimate dependence on increased activity in fractional reserve lending when it exercises open market operations.[47] Economist Eric Miller criticizes Daly's logic because money is created in the banking system in response to demand for the money,[48] which justifies cost.[citation needed]

text: Thus, use of expansionary open market operations typically generates more debt in the private sector of society (in the form of additional bank deposits).[49] The private banking system charges interest to borrowers as a cost to borrow the money.[3][31][50] The interest costs are borne by those that have borrowed,[3][31] and without this borrowing, open market operations would be unsuccessful in maintaining the broad money supply,[30] though alternative implementations of monetary policy could be used. Depositors of funds in the banking system are paid interest on their savings (or provided other services, such as checking account privileges or physical security for their "cash"), as compensation for "lending" their funds to the bank.

text: Increases (or contractions) of the money supply corresponds to growth (or contraction) in interest-bearing debt in the country.[3][30][41] The concepts involved in monetary policy may be widely misunderstood in the general public, as evidenced by the volume of literature on topics such as "Federal Reserve conspiracy" and "Federal Reserve fraud."[51]

text: Uncertainties[edit]

text: A few of the uncertainties involved in monetary policy decision making are described by the federal reserve:[52]

text:
While these policy choices seem reasonably straightforward, monetary policy makers routinely face certain notable uncertainties. First, the actual position of the economy and growth in aggregate demand at any time are only partially known, as key information on spending, production, and prices becomes available only with a lag. Therefore, policy makers must rely on estimates of these economic variables when assessing the appropriate course of policy, aware that they could act on the basis of misleading information. Second, exactly how a given adjustment in the federal funds rate will affect growth in aggregate demand—in terms of both the overall magnitude and the timing of its impact—is never certain. Economic models can provide rules of thumb for how the economy will respond, but these rules of thumb are subject to statistical error. Third, the growth in aggregate supply, often called the growth in potential output, cannot be measured with certainty.
In practice, as previously noted, monetary policy makers do not have up-to-the-minute information on the state of the economy and prices. Useful information is limited not only by lags in the collection and availability of key data but also by later revisions, which can alter the picture considerably. Therefore, although monetary policy makers will eventually be able to offset the effects that adverse demand shocks have on the economy, it will be some time before the shock is fully recognized and—given the lag between a policy action and the effect of the action on aggregate demand—an even longer time before it is countered. Add to this the uncertainty about how the economy will respond to an easing or tightening of policy of a given magnitude, and it is not hard to see how the economy and prices can depart from a desired path for a period of time.
The statutory goals of maximum employment and stable prices are easier to achieve if the public understands those goals and believes that the Federal Reserve will take effective measures to achieve them.
Although the goals of monetary policy are clearly spelled out in law, the means to achieve those goals are not. Changes in the FOMC's target federal funds rate take some time to affect the economy and prices, and it is often far from obvious whether a selected level of the federal funds rate will achieve those goals.

tag: ul

text: Opinions of the Federal Reserve[edit]

text: The Federal Reserve is lauded by some economists, while being the target of scathing criticism by other economists, legislators, and sometimes members of the general public. The former Chairman of the Federal Reserve Board, Ben Bernanke, is one of the leading academic critics of the Federal Reserve's policies during the Great Depression.[53]

text: Achievements[edit]

text: One of the functions of a central bank is to facilitate the transfer of funds through the economy, and the Federal Reserve System is largely responsible for the efficiency in the banking sector. There have also been specific instances which put the Federal Reserve in the spotlight of public attention. For instance, after the stock market crash in 1987, the actions of the Fed are generally believed to have aided in recovery. Also, the Federal Reserve is credited for easing tensions in the business sector with the reassurances given following the 9/11 terrorist attacks on the United States.[54]

text: Criticisms[edit]

text: The Federal Reserve has been the target of various criticisms, involving: accountability, effectiveness, opacity, inadequate banking regulation, and potential market distortion. Federal Reserve policy has also been criticized for directly and indirectly benefiting large banks instead of consumers. For example, regarding the Federal Reserve's response to the 2007–2010 financial crisis, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy—creating currency—as a method to combat the liquidity trap.[55]

text: By creating $600 billion and inserting this directly into banks the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.[56]

text: Auditing[edit]

text: The Federal Reserve is subject to different requirements for transparency and audits than other government agencies, which its supporters claim is another element of the Fed's independence. Although the Federal Reserve has been required by law to publish independently audited financial statements since 1999, the Federal Reserve is not audited in the same way as other government agencies. Some confusion can arise because there are many types of audits, including: investigative or fraud audits; and financial audits, which are audits of accounting statements; there are also compliance, operational, and information system audits.

text: The Federal Reserve's annual financial statements are audited by an outside auditor. Similar to other government agencies, the Federal Reserve maintains an Office of the Inspector General, whose mandate includes conducting and supervising "independent and objective audits, investigations, inspections, evaluations, and other reviews of Board programs and operations."[57] The Inspector General's audits and reviews are available on the Federal Reserve's website.[58][59]

text: The Government Accountability Office (GAO) has the power to conduct audits, subject to certain areas of operations that are excluded from GAO audits; other areas may be audited at specific Congressional request, and have included bank supervision, government securities activities, and payment system activities.[60][61] The GAO is specifically restricted any authority over monetary policy transactions;[60] the New York Times reported in 1989 that "such transactions are now shielded from outside audit, although the Fed influences interest rates through the purchase of hundreds of billions of dollars in Treasury securities."[62] As mentioned above, it was in 1999 that the law governing the Federal Reserve was amended to formalize the already-existing annual practice of ordering independent audits of financial statements for the Federal Reserve Banks and the Board;[63] the GAO's restrictions on auditing monetary policy continued, however.[61]

text: Congressional oversight on monetary policy operations, foreign transactions, and the FOMC operations is exercised through the requirement for reports and through semi-annual monetary policy hearings.[61] Scholars have conceded that the hearings did not prove an effective means of increasing oversight of the Federal Reserve, perhaps because "Congresspersons prefer to bash an autonomous and secretive Fed for economic misfortune rather than to share the responsibility for that misfortune with a fully accountable Central Bank," although the Federal Reserve has also consistently lobbied to maintain its independence and freedom of operation.[64]

text: Fulfillment of wider economic goals[edit]

text: By law, the goals of the Fed's monetary policy are: high employment, sustainable growth, and stable prices.[65]

text: Critics say that monetary policy in the United States has not achieved consistent success in meeting the goals that have been delegated to the Federal Reserve System by Congress. Congress began to review more options with regard to macroeconomic influence beginning in 1946 (after World War II), with the Federal Reserve receiving specific mandates in 1977 (after the country suffered a period of stagflation).

text: Throughout the period of the Federal Reserve following the mandates, the relative weight given to each of these goals has changed, depending on political developments.[citation needed] In particular, the theories of Keynesianism and monetarism have had great influence on both the theory and implementation of monetary policy, and the "prevailing wisdom" or consensus view of the economic and financial communities has changed over the years.[66]

text: Elastic currency (magnitude of the money multiplier): the success of monetary policy is dependent on the ability to strongly influence the supply of money available to the citizens. If a currency is highly "elastic" (that is, has a higher money multiplier, corresponding to a tendency of the financial system to create more broad money for a given quantity of base money), plans to expand the money supply and accommodate growth are easier to implement. Low elasticity was one of many factors that contributed to the depth of the Great Depression: as banks cut lending, the money multiplier fell, and at the same time the Federal Reserve constricted the monetary base. The depression of the late 1920s is generally regarded as being the worst in the country's history, and the Federal Reserve has been criticized for monetary policy which worsened the depression.[67] Partly to alleviate problems related to the depression, the United States transitioned from a gold standard and now uses a fiat currency; elasticity is believed to have been increased greatly.[68]

text: High employment – Unemployment has experienced significant increases on occasion, despite the efforts of the Federal Reserve.[69] These periods include the early 1990s recession caused by the savings and loan crisis, the bursting of the dot-com bubble and the 2006 bursting of the housing bubble plus the 2007 subprime mortgage financial crisis. In some cases, the Federal Reserve intentionally sacrificed employment levels in order to rein in spiralling inflation, as was the case for the Early 1980s recession, which was induced to alleviate a stagflation problem.

text: Stable prices – While some economists would regard any consistent inflation as a sign of unstable prices,[71] policymakers could be satisfied with 1 or 2%;[72] the consensus of "price stability" constituting long-run inflation of 1–2% is, however, a relatively recent development, and a change that has occurred at other central banks throughout the world. Inflation has averaged a 4.2% increase annually following the mandates applied in 1977; historic inflation since the establishment of the Federal Reserve in 1913 has averaged 3.4%.[73] In contrast, some research indicates that average inflation for the 250 years before the system was near zero percent, though there were likely sharper upward and downward spikes in that timeframe as compared with more recent times.[74] Central banks in some other countries, notably the German Bundesbank, had considerably better records of achieving price stability drawing on experience from the two episodes of hyperinflation and economic collapse under the country's previous central bank.

text: Inflation worldwide has fallen significantly since former Federal Reserve Chairman Paul Volcker began his tenure in 1979, a period which has been called the Great Moderation; some commentators attribute this to improved monetary policy worldwide, particularly in the Organisation for Economic Co-operation and Development.[75][76] BusinessWeek notes that inflation has been relatively low since mid-1980s[77] and it was during this time that Volcker wrote (in 1995), "It is a sobering fact that the prominence of central banks [such as the Federal Reserve] in this century has coincided with a general tendency towards more inflation, not less. By and large, if the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.'".

text: Sustainable growth – The growth of the economy may not be sustainable as the ability for households to save money has been on an overall decline[78] and household debt is consistently rising.[79]

text: Causes of The Great Depression[edit]

text: Monetarists who believe that the Great Depression started as an ordinary recession but significant policy mistakes by monetary authorities (especially the Federal Reserve) caused a shrinking of the money supply which greatly exacerbated the economic situation, causing a recession to descend into the Great Depression.

text: Public confusion[edit]

text: The Federal Reserve has established a library of information on their websites, however, many experts have spoken about the general level of public confusion that still exists on the subject of the economy; this lack of understanding of macroeconomic questions and monetary policy, however, exists in other countries as well. Critics of the Fed widely regard the system as being "opaque", and one of the Fed's most vehement opponents of his time, Congressman Louis T. McFadden, even went so far as to say that "Every effort has been made by the Federal Reserve Board to conceal its powers...."[80]

text: There are, on the other hand, many economists who support the need for an independent central banking authority, and some have established websites that aim to clear up confusion about the economy and the Federal Reserve's operations. The Federal Reserve website itself publishes various information and instructional materials for a variety of audiences.

text: Criticism of government interference[edit]

text: Some economists, especially those belonging to the heterodox Austrian School, criticize the idea of even establishing monetary policy, believing that it distorts investment. Friedrich Hayek won the Nobel Prize for his elaboration of the Austrian business cycle theory.

text: Briefly, the theory holds that an artificial injection of credit, from a source such as a central bank like the Federal Reserve, sends false signals to entrepreneurs to engage in long-term investments due to a favorably low interest rate. However, the surge of investments undertaken represents an artificial boom, or bubble, because the low interest rate was achieved by an artificial expansion of the money supply and not by savings. Hence, the pool of real savings and resources have not increased and do not justify the investments undertaken.

text: These investments, which are more appropriately called "malinvestments", are realized to be unsustainable when the artificial credit spigot is shut off and interest rates rise. The malinvestments and unsustainable projects are liquidated, which is the recession. The theory demonstrates that the problem is the artificial boom which causes the malinvestments in the first place, made possible by an artificial injection of credit not from savings.

text: According to Austrian economics, without government intervention, interest rates will always be an equilibrium between the time-preferences of borrowers and savers, and this equilibrium is simply distorted by government intervention. This distortion, in their view, is the cause of the business cycle. Some Austrian economists—but by no means all—also support full reserve banking, a hypothetical financial/banking system where banks may not lend deposits. Others may advocate free banking, whereby the government abstains from any interference in what individuals may choose to use as money or the extent to which banks create money through the deposit and lending cycle.

text: Reserve requirement[edit]

text: The Federal Reserve regulates banking, and one regulation under its direct control is the reserve requirement which dictates how much money banks must keep in reserves, as compared to its demand deposits. Banks use their observation that the majority of deposits are not requested by the account holders at the same time.

text: Currently, the Federal Reserve requires that banks keep 10% of their deposits on hand.[81] Some countries have no nationally mandated reserve requirements—banks use their own resources to determine what to hold in reserve, however their lending is typically constrained by other regulations.[82] Other factors being equal, lower reserve percentages increases the possibility of Bank runs, such as the widespread runs of 1931. Low reserve requirements also allow for larger expansions of the money supply by actions of commercial banks—currently the private banking system has created much of the broad money supply of US dollars through lending activity. Monetary policy reform calling for 100% reserves has been advocated by economists such as: Irving Fisher,[83] Frank Knight,[84] many ecological economists along with economists of the Chicago School and Austrian School. Despite calls for reform, the nearly universal practice of fractional-reserve banking has remained in the United States.

text: Criticism of private sector involvement[edit]

text: Historically and to the present day, various social and political movements (such as social credit) have criticized the involvement of the private sector in "creating money", claiming that only the government should have the power to "make money". Some proponents also support full reserve banking or other non-orthodox approaches to monetary policy. Various terminology may be used, including "debt money", which may have emotive or political connotations. These are generally considered to be akin to conspiracy theories by mainstream economists and ignored in academic literature on monetary policy.


document_title: The First 48

question_text: when does the new season of the first 48 start

text: The First 48

text: Title sequence[edit]

text: Until the middle of the 12th season, the opening title sequence featured the conceptual statement "For homicide detectives, the clock starts ticking the moment they are called. Their chance of solving a murder is cut in half if they don't get a lead within the first 48 hours." The original soundtrack, opening title theme and dark ambient sound design for the overall program were composed by Chuck Hammer (2004–2006). Later composers included Brian and Justin Deming (2006–2008) and Paul Brill (2008–2015), who continued with a combination of dark ambient music integrated with sound design.

text: Episodes[edit]

text:
Season
Episodes
Originally aired

First aired
Last aired

1
13
June 3, 2004 (2004-06-03)
November 18, 2004 (2004-11-18)

2
13
January 6, 2005 (2005-01-06)
August 11, 2005 (2005-08-11)

3
12
October 6, 2005 (2005-10-06)
March 2, 2006 (2006-03-02)

4
19
June 15, 2006 (2006-06-15)
December 28, 2006 (2006-12-28)

5
13
January 11, 2007 (2007-01-11)
May 31, 2007 (2007-05-31)

6
18
June 21, 2007 (2007-06-21)
December 6, 2007 (2007-12-06)

7
26
January 10, 2008 (2008-01-10)
September 11, 2008 (2008-09-11)

8
16
September 18, 2008 (2008-09-18)
April 23, 2009 (2009-04-23)

9
11
June 18, 2009 (2009-06-18)
September 17, 2009 (2009-09-17)

10
16
January 14, 2010 (2010-01-14)
June 10, 2010 (2010-06-10)

11
36
July 8, 2010 (2010-07-08)
June 9, 2011 (2011-06-09)

12
43
June 16, 2011 (2011-06-16)
December 20, 2012 (2012-12-20)

13
36
March 7, 2013 (2013-03-07)
May 29, 2014 (2014-05-29)

14
24
June 19, 2014 (2014-06-19)
May 21, 2015 (2015-05-21)

15
30
November 5, 2015 (2015-11-05)
September 5, 2016 (2016-09-05)

16
TBD
December 1, 2016 (2016-12-01)
 ()

text: Spin-offs[edit]

text: The series has several follow-up episodes entitled After the First 48—detailing the trials of those accused in previous episodes—and the aftermath of victims' survivors. The First 48: Missing Persons follows the same story format as the original series. The latest spin-off, The Killer Speaks, depicts convicted felons as they describe their crimes through their first-hand accounts.

text: Reception[edit]

text: In 2016, a New York Times study of the 50 TV shows with the most Facebook Likes found that The First 48 "has a classic Black Belt audience pattern".[3]

text: Controversy[edit]

text: On November 18, 2009, 21-year-old Taiwan Smart was charged with two counts of second-degree murder of his two roommates in Miami's Little Haiti neighborhood.[4] His story aired later as an episode titled "Inside Job." Evidence later established that police made important mistakes in their investigation. Additionally, The First 48 misrepresented a key witness's statement on the program. Smart was released in June 2011 and has since sued the city of Miami for false imprisonment. The episode continues to air without correction.[5]

text: On May 16, 2010, a 7-year-old Detroit girl named Aiyana Jones was shot and killed during a "special weapons and tactics" (SWAT) raid that was filmed by The First 48 cameras.[6] Detroit SWAT unit raided the duplex while searching for a homicide suspect. On October 5, 2011, prosecutors charged the Detroit police officer with the involuntary manslaughter of Jones. Allison Howard, an A&E Television Network camera operator filming that night, was charged with perjury and obstruction of justice after lying under oath.[7] She pleaded no contest to obstruction of justice and was sentenced to two years of probation.[8]

text: The show's unprecedented access to police departments has generated some controversy because such access is not typically given to traditional local news media. Moreover, the show has been criticized for putting witnesses in danger by revealing their faces and their voices on a nationally televised program and for not being sensitive to what might happen to them in the form of retaliation. In response to such criticism, witnesses often ask producers to have their faces blurred out and voices changed or to speak off camera.


document_title: Cars 2

question_text: who are the bad guys in cars 2

question_tokens: who are the bad guys in cars 2

text: Cars 2

text: Plot

text: Finn McMissile, a British spy, infiltrates the world's largest untapped oil reserves owned by a group of lemon cars. After being discovered, he flees and fakes his death.

text: Lightning McQueen, now a four-time Piston Cup champion, returns to Radiator Springs. However, Italian formula race car, Francesco Bernoulli, challenges McQueen to the newly created World Grand Prix, led by its creator, Sir Miles Axlerod. McQueen and his best friend Mater — along with Luigi, Guido, Fillmore, and Sarge — depart for Tokyo for the first race of the Grand Prix.

text: Meanwhile, the lemons, who are led by weapons designer Professor Zündapp and an unknown mastermind, are secretly plotting to secure their oil profits by using an electromagnetic pulse emitter disguised as a camera. They plan to use the emitter to trigger and destabilize the use of Allinol, an environmentally friendly fuel that was created by Axlerod and is required for racers to use in the Grand Prix. McMissile and his partner Holley Shiftwell attempt to meet with American spy car Rod "Torque" Redline at a World Grand Prix promotional event in Tokyo, to receive information about the mastermind. Redline is captured and killed by Zündapp's henchmen, but not before passing his information to Mater, who is then mistaken to be the American contact of Holley and Finn.

text: At the first race, three cars are ignited by the camera. McQueen places second in the race after Bernoulli, due to Mater accidentally giving him bad racing advice shortly after evading Zündapp's henchmen with help from Holley and Finn. Mater is soon abducted by Finn and boards his plane, where he helps to identify some of the information he was given. After traveling to Paris to collect more information from Finn's old friend Tomber, they travel to Porto Corsa, Italy, where the next race is being held. During the race, Mater infiltrates the criminals' meeting, just as the camera is used on a few more cars, causing a multi-car pileup that allows McQueen to finish first. Due to increased fears over Allinol's safety, Axlerod lifts the requirement to use it for the final race. However, when McQueen decides to continue using it, the criminals plot to kill McQueen in the next race in London. This spooks Mater, causing him to blow his cover and allow him, Finn, and Holley to be captured.

text: Mater is taken to and tied up inside the clock tower of the Big Ben. Mater learns that the camera did not function on McQueen, but the criminals tell him they planted a bomb in his pits as a backup plan, spurring him to break free and escape. Finn and Holley escape soon after, but realize that the bomb is on Mater's air filter. Mater has already arrived at the pits when they tell him this, so he flees down the race course while McQueen chases after him. Finn apprehends Professor Zündapp at the finish line. The other lemons arrive and outnumber Finn, Holley, Mater, and McQueen, but they are soon rescued by the arrival of the other Radiator Springs residents. Mater then uses evidence he has seen to reveal that Axlerod is the mastermind of the plot who placed the bomb on Mater. Mater forces Axlerod to deactivate the bomb, and he and the other lemons are arrested.

text: Mater receives an honorary knighthood from the Queen, while Sarge reveals that he changed McQueen's fuel from Allinol to gasoline, explaining why the camera did not work on him. Finn and Holley ask if Mater can join them on another mission, but he declines, and then participates with the World Grand Prix competitors in a race at Radiator Springs.

text: Voice cast

text: Much of the cast from the original Cars remained intact for the sequel, but three voice actors of the original film have died since its release. Joe Ranft (who voiced Red) died in an automobile accident on August 16, 2005, ten months before Cars was released. The first film was dedicated in memoriam to him. Red appears in this film, but he does not speak or vocalize. George Carlin (who voiced Fillmore) died of heart failure on June 22, 2008; Fillmore also shows up in Cars 2, and he was voiced by Lloyd Sherr (who also voices Tony Trihull). Paul Newman (who voiced Doc Hudson) died of cancer on September 26, 2008. After Newman's death, Lasseter said they would "see how the story goes with Doc Hudson."[12] Doc was eventually written out,[13] with a few references to the character, where he is thought to have died before the events of the movie, as Mater says that he would have been proud for McQueen's Piston Cups, which have been renamed after Doc; also, in the Tokyo race, one of the announcers says that Doc was one of the best dirt racers ever.

text:
Larry the Cable Guy as Mater, a Southern-accented tow truck from Radiator Springs.
Owen Wilson as Lightning McQueen, a Piston Cup racecar.
Michael Caine as Finn McMissile, a British spy car.
Emily Mortimer as Holley Shiftwell, a beautiful young British desk agent, new to field work.
John Turturro as Francesco Bernoulli, McQueen's main racing rival from Italy.
Eddie Izzard as Sir Miles Axlerod, a British electric car who created Allinol.
Thomas Kretschmann as Professor Zündapp, the doctor from Germany, Axlerod's assistant.
Joe Mantegna and Peter Jacobson as Grem and Acer: Professor Zündapp's henchmen.
Bruce Campbell as Rod "Torque" Redline, an American spy car.
Tony Shalhoub as Luigi
Darrell Waltrip as Darrell Cartrip
Guido Quaroni as Guido
Brent Musburger as Brent Mustangburger
Colin Cowherd as Colin Cowling
Jason Isaacs as Siddeley/Leland Turbo
David Hobbs as David Hobbscap. Jacques Villeneuve voices the character in French releases.
Stanley Townsend as Vladimir Trunkov/Ivan/Victor Hugo
Lloyd Sherr as Fillmore/Tony Trihull
Paul Dooley as Sarge
Michel Michelis as Tomber
Sig Hansen as Crabby the Boat
Franco Nero as Uncle Topolino
Vanessa Redgrave as Mama Topolino/The Queen. Sophia Loren provides the Italian dub of Topolino.[14]
Bonnie Hunt as Sally Carrera
Cheech Marin as Ramone
Jenifer Lewis as Flo
Michael Wallis as Sheriff
Katherine Helmond as Lizzie
John Ratzenberger as Mack
Jeff Garlin as Otis
Patrick Walker as Mel Dorado
Lewis Hamilton as Lewis Hamilton
Velibor Topic as Alexander Hugo
Greg Ellis as Nigel Gearsley
John Mainier as J. Curby Gremlin
Brad Lewis as Tubbs Pacer
Richard Kind as Van
Edie McClurg as Minny
Teresa Gallagher as Mater's Computer
Jeff Gordon as Jeff Gorvette
John Lasseter as John Lassetire

text: In international versions of the film, the character Jeff Gorvette is replaced with race car drivers better known in the specific countries in his dialogue scenes (however, he still appears as a competitor).[15]

text:
Mark Winterbottom as Frosty (Australian release)[16][17]
Fernando Alonso as Fernando Alonso (Spanish release)
Vitaly Petrov as Vitaly Petrov (Russian release)
Jan Nilsson as Flash (Swedish release)[18]
Memo Rojas (Latin American release)
Sebastian Vettel as Sebastian Schnell (German release)

text: In Brazil, Gorvette is replaced by Carla Veloso in his dialogue scenes (Carla appears in all other versions of the film, but with no lines); Carla is voiced by Brazilian singer Claudia Leitte. Sportspeople still appear, with Lewis Hamilton becoming Formula One champion Emerson Fittipaldi, while Brent Mustangburger and David Hobbscap were done by sports announcers José Trajano and Luciano do Valle.[19]

text: Production

text: Development

text: Cars is the second Pixar film, after Toy Story, to have a sequel as well as becoming a franchise.[20] John Lasseter, the director of the film, said that he was convinced of the sequel's story while traveling around the world promoting the first film. He said:

text:
“
I kept looking out thinking, 'What would Mater do in this situation, you know?' I could imagine him driving around on the wrong side of the road in the UK, going around in big, giant traveling circles in Paris, on the autobahn in Germany, dealing with the motor scooters in Italy, trying to figure out road signs in Japan.[21]
”

text: Cars 2 was originally scheduled for a summer 2012 release, but Pixar moved the release up by a year.[12]

text: In 2009, Disney registered several domain names, hinting to audiences that the title and theme of the film would be in relation to a World Grand Prix.[22]

text: In March 2011, Jake Mandeville-Anthony, a U.K. screenwriter, sued Disney and Pixar alleging copyright infringement and breach of implied contract. In his complaint he alleged that Cars and Cars 2 are based in part on work that he had submitted early in the 1990s and he sought an injunction to stop the release of Cars 2 and requested actual or statutory damages. On May 13, 2011, Disney responded to the lawsuit, denying "each and every one of Plaintiff's legal claims concerning the purported copyright infringement and substantial similarity of the parties' respective works."[23] On July 27, 2011, the lawsuit was dismissed by a district court judge who, in her ruling, wrote that the "Defendants have sufficiently shown that the Parties' respective works are not substantially similar in their protectable elements as a matter of law".[24]

text: Casting

text: In November 2010, Owen Wilson, Larry the Cable Guy, Michael Caine, Emily Mortimer, Jason Isaacs, Joe Mantegna, Peter Jacobson, Bonnie Hunt, Tony Shalhoub, Cheech Marin, and Thomas Kretschmann were confirmed as the voice talent featured in the film.[25] From November 2010 until May 2011, Disney released information about the other voice talent, including Jenifer Lewis, Katherine Helmond, Michael Wallis, Darrell Waltrip, Franco Nero, Vanessa Redgrave, Bruce Campbell, Sig Hansen, Michel Michelis, Jeff Gordon, Lewis Hamilton, Brent Musburger, David Hobbs, John Turturro, and Eddie Izzard.[26]

text: Soundtrack

text:
Cars 2

Soundtrack album by Michael Giacchino

Released
June 14, 2011

Genre
Score

Length
63:24

Label
Walt Disney

Michael Giacchino chronology

Let Me In
(2010)
Cars 2
(2011)
Super 8
(2011)

Pixar film soundtrack chronology

Toy Story 3
(2010)
Cars 2
(2011)
Brave
(2012)

text:
Professional ratings

Review scores

Source
Rating

AllMusic

Filmtracks

text: The Cars 2 soundtrack was released on both CD album and digital download June 14. It is the fourth Pixar film to be scored by Michael Giacchino after The Incredibles, Ratatouille and Up.[27] It also marks the first time that Giacchino has worked with John Lasseter as a director, as Lasseter had been executive producer on Giacchino's previous three Pixar films and that Lasseter has not worked with Randy Newman.

text: All music composed by Michael Giacchino, except as noted.

text:
No.
Title
Writer(s)
Artist
Length

1.
"You Might Think" (Cover of The Cars)
Ric Ocasek
Weezer
3:07

2.
"Collision of Worlds"
Paisley, Williams
Brad Paisley and Robbie Williams
3:36

3.
"Mon Cœur Fait Vroum (My Heart Goes Vroom)"
Michael Giacchino
Bénabar
2:49

4.
"Nobody's Fool"
Paisley
Brad Paisley
4:17

5.
"Polyrhythm"
Yasutaka Nakata
Perfume
4:09

6.
"Turbo Transmission"

0:52

7.
"It's Finn McMissile!"

5:54

8.
"Mater the Waiter"

0:43

9.
"Radiator Reunion"

1:40

10.
"Cranking Up the Heat"

1:59

11.
"Towkyo Takeout"

5:40

12.
"Tarmac the Magnificent"

3:27

13.
"Whose Engine Is This?"

1:22

14.
"History's Biggest Loser Cars"

2:26

15.
"Mater of Disguise"

0:48

16.
"Porto Corsa"

2:55

17.
"The Lemon Pledge"

2:13

18.
"Mater's Getaway"

0:59

19.
"Mater Warns McQueen"

1:31

20.
"Going to the Backup Plan"

2:24

21.
"Mater's the Bomb"

3:17

22.
"Blunder and Lightning"

2:17

23.
"The Other Shoot"

1:03

24.
"Axlerod Exposed"

2:22

25.
"The Radiator Springs Grand Prix"

1:30

26.
"The Turbomater"

0:50

text: Release

text: During the Summer of 2008, John Lasseter announced that Cars 2 would be pushed forward and released in the summer of 2011, one year earlier than its original 2012 release date.[28] The US release date was later confirmed to be June 24, 2011, with a UK release date set for July 22, 2011.[29] The world premiere of the film took place at the El Capitan Theatre in Hollywood on June 18, 2011.[30] Cars 2 was released in 4,115 theaters in the USA and Canada[31] setting a record-high for a G-rated film[32] and for Pixar. The latter was surpassed by Brave (4,164 theaters).[33]

text: Short film

text: The film was preceded by a short film titled Hawaiian Vacation, directed by Gary Rydstrom and starring the characters of the Toy Story franchise.

text: Home media

text: The film was released by Walt Disney Studios Home Entertainment on DVD, Blu-ray, Blu-ray 3D, and digital download on November 1, 2011. This release was produced in four different physical packages: a 1-disc DVD, a 2-disc combo pack (DVD and Blu-ray), a 5-disc combo pack (DVD, Blu-ray, Blu-ray 3D, and Digital Copy), and an 11-disc three movie collector's set, which features Cars, Cars 2, and Cars Toons: Mater's Tall Tales). The film was also released as a Movie Download edition in both standard and high definition.[34]

text: The Movie Download release includes four bonus features: Cars Toons "Air Mater", the Toy Story Toon "Hawaiian Vacation", "World Tour Interactive Feature", and "Bringing Cars 2 to the World". The 1-disc DVD and 2-disc Blu-ray/DVD combo pack releases include the shorts "Air Mater" and "Hawaiian Vacation", plus the Director John Lasseter Commentary. The 5-disc combo pack includes all of the same bonus features as the 1-disc DVD and 2-disc Blu-ray/DVD combo pack versions, in addition to "World Tour Interactive Feature" and "Sneak Peek: The Nuts and Bolts of Cars Land." The 11-disc three movie collection comes packaged with Cars (DVD, Blu-ray, and Digital Copy), Cars 2 (DVD, Blu-ray, Blu-ray 3D,nand Digital Copy), and Mater's Tall Tales (DVD, Blu-ray, and Digital Copy).[34]

text: Cars 2 sold a total of 1,983,374 DVD units during its opening week,[35] generating $31.24 million and claiming first place.[36] It also finished on the top spot on the Blu-ray chart during its first week, selling 1.76 million units and generating $44.57 million. Its Blu-ray share of home media was 47%, indicating an unexpectedly major shift of sales from DVD to Blu-ray.[37] Blu-ray 3D contributed to this, accounting for 17% of total disc sales.[38]

text: Reception

text: Critical response

text: On Rotten Tomatoes, Cars 2 has an approval rating of 39%, based on 209 reviews, with an average rating of 5.5/10,[39] making it the only Pixar film to garner a "rotten" certification.[40][41] The website's critical consensus reads, "Cars 2 is as visually appealing as any other Pixar production, but all that dazzle can't disguise the rusty storytelling under the hood."[39] Another review aggregator, Metacritic, which assigns a weighted average score to reviews from mainstream critics, gave the film an average score of 57 out of 100, based on 38 critics, indicating "mixed or average reviews".[42] Audiences polled by CinemaScore gave the film an average grade of "A-" on an A+ to F scale, down from the previous Pixar Films' "A" and "A+".[43]

text: "The original Cars was not greeted with exceptional warmth," said The New York Times, "but the sequel generated Pixar's first truly negative response."[44] Critics generally criticized the G-rating, the focus on Mater and felt the film lacked warmth and charm, while also feeling the film was made as an exercise in target marketing.[45][46][47][48] Reviewing the film for The Wall Street Journal, Joe Morgenstern wrote, “This frenzied sequel seldom gets beyond mediocrity."[49] Entertainment Weekly critic Owen Gleiberman said, "Cars 2 is a movie so stuffed with "fun" that it went right off the rails. What on earth was the gifted director-mogul John Lasseter thinking – that he wanted kids to come out of this movie was [sic] more ADD?"[50] Although Leonard Maltin on IndieWire claimed that he had "such high regard for Pixar and its creative team led by John Lasseter" he said he found the plot "confusing" and felt that Tow Mater's voice annoying saying that he'd "rather listen to chalk on a blackboard than spend nearly two hours with Tow Mater."[51] Considering the low reviews given to the Pixar production, critic Kyle Smith of the New York Post said, "They said it couldn't be done. But Pixar proved the yaysayers wrong when it made its first bad movie, Cars. Now it has worsted itself with the even more awful Cars 2."[52]

text: Conversely, Peter Travers of Rolling Stone gave the movie 3½ stars out of four, and said that "the sequel is a tire-burning burst of action and fun with a beating heart under its hood." He also praised its "fluid script" and called it a "winner".[53] Roger Ebert was the most effusive of the more positive reviews, writing, “At a time when some ‘grown-up’ action films are relentlessly shallow and stupid, here is a movie with such complexity that even the cars sometimes have to pause and explain it to themselves.”[54] Justin Chang of Variety commented, “The rare sequel that not only improves on but retroactively justifies its predecessor.”[55] Ticket buyers also gave the film an A– in exit polls, on par with other Pixar titles.[44]

text: A central current of the negative reviews was the theory that Cars 2 was forced out of Pixar by its corporate parent, the Walt Disney Company, out of greed to drive merchandising sales.[49][56] Lasseter vehemently denied these claims, which he attributed to "people who don’t know the facts, rushing to judge."[44] Some theorized that the vitriol was less about the film but more about Pixar's broadened focus to sequels. The New York Times reported that although one negatively reviewed film would not be enough to scratch the studio, "the commentary did dent morale at the studio, which until then had enjoyed an unbroken and perhaps unprecedented run of critical acclaim."[44]

text: Box office

text: Cars 2 grossed $191.5 million in the USA and Canada, and $370.7 million in other countries for a worldwide total of $562.1 million.[2] Worldwide on its opening weekend it grossed $109.0 million, marking the largest opening weekend for a 2011 animated title.[57] Overall, Cars 2 became seventh biggest Pixar film in worldwide box office among the fourteen released.

text: Cars 2 made $25.7 million on its debut Friday (June 24, 2011), marking the second-largest opening day for a Pixar film, at the time, after Toy Story 3's $41.1 million. During this time, though, it was the third least-attended opening day for a Pixar film, only ahead of Up and Ratatouille.[58] It also scored the sixth largest opening day for an animated feature.[59] On its opening weekend as a whole, Cars 2 debuted at No.1 with $66.1 million,[31] marking the largest opening weekend for a 2011 animated feature, the seventh largest opening for Pixar,[60] the eighth largest among films released in June,[61] and the fourth largest for a G-rated film.[62] In its second weekend, however, the film dropped 60.3%, the largest second weekend drop ever for a Pixar film, and grossed $26.2 million.[63] At the end of its theatrical run, Cars 2 became the lowest-grossing Pixar film in North America since A Bug's Life.[64][65] As of 2018, it is Pixar's fourth lowest-grossing film in this region.[66] It is also the least attended Pixar film ever.[67]

text: Outside North America, it grossed $42.9 million during its first weekend from 3,129 theaters in 18 countries, topping the box office.[68] It performed especially well in Russia where it grossed $9.42 million,[69] marking the best opening weekend for a Disney or Pixar animated feature and surpassing the entire runs of Cars and Toy Story 3.[70] In Mexico, it made $8.24 million during its first weekend,[71] while in Brazil, it topped the box office with $5.19 million ($7.08 million with previews).[72] It also premeiered at No.1 with $5.16 million in Australia,[73] where it debuted simultaneously with Kung Fu Panda 2 and out-grossed it.[68] It is the highest-grossing film of 2011 in Lithuania ($477,117),[74] Argentina ($12 million).[75] It is the highest-grossing animated film of 2011 in Estonia ($442,707),[76] Finland ($3.2 million),[77] Norway ($5.8 million).[78]

text: Accolades

text: Cars 2 marks the first Pixar film not to be nominated for an Oscar.[79] It is also the first Pixar film not nominated for Best Animated Feature since its introduction in 2001.[80]

text:
Awards

Award
Category
Winner/Nominee
Result

British Academy Children's Awards (BAFTA)[81]
Favorite Film

Nominated

People's Choice Awards[82]
Favorite Movie Animated Voice
Owen Wilson

Golden Globe Awards[83]
Best Animated Film

Annie Awards[84]
Best Animated Feature

Best Animated Effects in an Animated Production
Jon Reisch

Best Animated Effects in an Animated Production
Eric Froemling

Character Design in an Animated Feature
Jay Shuster

Production Design in a Feature Production
Harley Jessup

Storyboarding in a Feature Production
Scott Morse

Editing in a Feature Production
Stephen Schaffer

Kids Choice Awards[85]
Favorite Animated Movie

Saturn Awards[86]
Best Animated Film

ASCAP Award[87]
Top Box Office Films
Michael Giacchino
Won

Visual Effects Society Awards[88]
Outstanding Virtual Cinematography in an Animated Feature Motion Picture
Mahyar Abousaeedi, Jeremy Lasky, Jonathan Pytko
Nominated

text: Video games

text: A video game based on the movie was developed by Avalanche Software and published by Disney Interactive Studios for the PlayStation 3, Xbox 360, Wii, PC and Nintendo DS on June 21, 2011.[89] The PlayStation 3 version of the game was reported to be compatible with stereoscopic 3D gameplay.[90] A Nintendo 3DS version was released on November 1, 2011,[91] and a PSP version was released on November 8, 2011.[92]

text: An app based on the film was released on iTunes for a dollar on June 23, 2011. The Lite version was released for free that same day. The object of the game was to complete each race, unlock new levels, and get a high score. As of June 28, 2011, the app had hit No. 1 on the App Store.[93] The game was retired on August 29, 2014.[94] A V.smile version was also released.

text: Sequel and spin-offs

text: A stand-alone sequel, titled Cars 3, was released on June 16, 2017.[11] Directed by Brian Fee, the film focuses on Lightning McQueen, now a veteran racer, who after being overshadowed by a new wave of rookies, gets help from a young race car, Cruz Ramirez, to instruct him for the increasingly high-tech world and defeat new rival Jackson Storm.[95]

text: An animated feature film spin-off called Planes, produced by DisneyToon Studios,[96] was released on August 9, 2013.[97] A sequel to Planes, titled Planes: Fire & Rescue, was later released the following year on July 18, 2014.[98]


document_title: First-time buyer

question_text: how does the government define first time buyer

text: First-time buyer

text: This article needs to be updated. Please update this article to reflect recent events or newly available information. (February 2016)

text: A first-time buyer (FTB) is a term used in the British and Irish property markets, and in other countries, for a potential house buyer who has not previously owned a property.

text: A first-time buyer is usually desirable to a seller as they do not have to sell a property, and as such will not involve a housing chain.[1]

text: There are many factors a first-time buyer may need to consider before purchasing their first property; how much initial cash they will need for stamp duty and any solicitors fees, and if they need to arrange a mortgage how much are they able to afford.

text: In the United Kingdom and Ireland, home ownership is seen as a natural step in the life cycle and the natural form of property tenure.[2][3] Ireland has one of the highest proportions of owner-occupiers in the EU at around 80%.[4]

text: In the UK in the 1980s almost half of all mortgages were taken out by first-time buyers, but this has now declined to only about 15%.[citation needed]. In Ireland, FTB's represent 34% of the market.

text: In recent years the number of new buyers purchasing property has declined,[5] with FTBs being "priced out of the market" by ever increasing house prices.[6]

text: In the 2007 Scottish parliamentary election the Scottish National Party proposed a £2,000 grant for first-time buyers to help them get onto the property ladder.[7]

text: Grants have not been forthcoming in the rest of the UK, but in July 2007 Housing Minister Yvette Cooper announced it would be broadening the government's Homebuy Shared Equity scheme to help buyers. "Unless we act now by 2026 first-time buyers will find average house prices are ten times their salary. That could lead to real social inequality and injustice," Cooper told Parliament.[citation needed]

text: Since then, first time buyers have regained momentum in the market, with reports[clarification needed] in 2010 citing first-time buying as the most popular of consumer enquiries for a local, whole of market mortgage adviser - accounting for 37% of total enquiries.[8]

text: In 2016 the UK Government launched the Help to Buy ISA for first time buyers through incentivising them to use savings to fund a deposit on a property.[9] The money saved is then boosed by 25% up to a maximum of £3000.